Australia tax office sues Cheung Kong Infrastructure, Power Assets

Australia tax office sues Cheung Kong Infrastructure, Power Assets

SYDNEY - Two companies controlled by Hong Kong tycoon Li Ka-Shing, including Cheung Kong Infrastructure Holdings Ltd (CKI), have been sued by Australia's tax authority.

The cases against CKI and Power Assets Holdings were filed on June 14 and will be heard on Friday, according to the website of the Federal Court of Australia.

The Australian Taxation Office (ATO) is accusing CKI and Power Assets for failing to pay more than A$750 million (S$880.1 million) in tax, the Australian Financial Review reported, citing documents filed with the court.

The ATO declined to comment, citing "confidentiality provisions."

CKI and Power Assets jointly own 51 per cent of electricity distribution networks in the states of South Australia and Victoria, according to CKI's corporate website.

Neither CKI or Power Assets was immediately available for comment.

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